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Exceeding the Annual Pension Allowance

If your pension savings exceed the annual pension input limit (generally £40,000) then there is an annual allowance charge. The effect of the annual allowance charge is to reduce tax relief on any pension saving over the annual allowance.

Did You Get a Big Tax Bill and Now Want Some Back?

Many of you will have just paid your 2016/17 tax bill before the 31 January 2018 deadline, and some of you will also have paid 50% of next year’s tax on account. Here are a couple of tax planning ideas that can help you obtain a tax refund.

Invest in EIS or Seed EIS qualifying companies

Does Your Accounts System Comply with Making Tax Digital for VAT?

Making Tax Digital (MTD) for VAT is scheduled to start in April 2019 which means that your VAT information needs to be submitted to HMRC digitally.

On 18 December 2017, HMRC published draft legislation together with examples of how the business account records might link with the HMRC computer in order to comply with MTD for VAT. The legislation specifies that “functional compatible software” must be used to record and preserve prescribed VAT related data.

What are Digital records?

Value is Not the Same as Price

In order to create an effective pricing strategy for your products or services, you need to understand your customer’s perceived value of your offering.

Value is a complex issue. Different customers perceive the value of a product or service on factors varying from quality through to brand equity, ethical considerations, environmental sustainability and customer service etc.

Managing Change

In business, change is inevitable. The business landscape is constantly evolving and how effectively you manage change can determine the success or failure of your firm. 

Communication is Key

Any time there is a major change in a business, there will be a natural dip in productivity levels as people react and adapt to something new. Explain what is happening to your team members, keep them up to date and encourage them to ask questions. This will help them to feel involved in the changes.

GDPR, What is it? Why You Need to Know

All businesses must be fully compliant with the new General Data Protection Regulations (GDPR) by 25 May 2018. Businesses that are not compliant may face a penalty of 4% of their global turnover for each offence.

Most businesses are aware of the data protection act, the information commissioners office and the payment of an annual fee of £35 for many businesses.

Key Trends to Watch in 2018

Technology and innovation are driving the evolution of most businesses these days. Here are some of the key business trends to watch out for in 2018.

Changes to the Government Gateway

The government gateway that many businesses use to make online submissions for VAT Returns, EC sales lists, and CIS Returns is to be decommissioned on 14 February 2018. This will be replaced with a new platform.

HMRC PCThis change will affect some businesses using old software that currently integrates with the gateway to make online submissions.

Advisory Fuel Rate for Company Cars December 2017

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 December 2017.

Note that for hybrid cars you must use the petrol or diesel rate.

Where there has been a change the previous rate is shown in brackets.

No Indexation of Company Gains After December 2017

Indexation allowance was introduced in the 1970s to provide relief from paying tax on inflationary gains based on increases in RPI. The relief was abolished in 1998 for individuals and trusts, and replaced with taper relief. However, it was retained for companies. The Autumn Budget announced that indexation for corporation tax would cease for disposals from January 2018 onwards, although indexation up to December 2017 would be retained. 

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